MTL - Why Mechel PAO Stock Popped 41% Today
Mechel PAO (NYSE: MTL) stock is flying through the roof Tuesday, gaining a whopping 41% within the first few minutes of the market's opening. Although shares of the Russian-based steel and mining giant gave up some ground as the day progressed, it was still trading 36% higher as of 1:40 p.m. EDT.
Mechel PAO is among the world's largest metallurgical and coking coal miners , and is the largest manufacturer of steel products in Russia. Its sales and earnings, therefore, depend a great deal on prices of commodities like coal, steel, and ferrosilicon. On that front, good news is pouring in from nearly all sides as base metal prices have been on fire of late, fueling heavy investor interest in metals and mining stocks across the board .
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Why Mechel PAO Stock Popped 41% Today